Galway city based auctioneers River Property Group offered a fine development opportunity via online auction on March 25 which attracted significant interest in the lead up to the auction. The lands were offered via the IAM Sold auction platform and included approximately seven acres of lands located on Station Road, Newcastle West, Co Limerick.
Comprising a rectangular shaped holding with good access onto Station road, these zoned lands would be ideal for a large housing development, subject to planning permission. Offered to the market with a starting bids price of €400,000, the property had excellent potential for development. Jason Fitzgerald of River Property Group commented: “The land proved popular with local builders and there was also interest from the USA and UK prior to the auction. Both myself and the auction team dealt with a large number of inquiries since we launched the property to market in February.”
The property was sold via online auction where a number of parties had pre-registered to bid with minimum bid level noted as €400,000. After a slow start where bidding reached €450,000, the timer on the clock counted down to under five minutes, and that was when the parties really got serious. Bids came in in fast succession in the final minutes, with the timer allowing a further two minutes each time a bid was placed in the final two minutes of the online auction. When the virtual hammer eventually fell, the land had reached a final figure of €550,000 to a local buyer.
River Property Group is delighted to be offering an online auction service to its clients. All properties that are offered through the online service, in partnership with IAM Sold and River Property Group, will benefit from a large marketing campaign locally, nationally, and internationally.
The online auction platform is well suited for the current restrictions and interested parties can register on www.iamsold.ie and place bids via the auction platform. All bids are made visible on the auction website and the highest bidder secures the property providing the agreed reserve has been met or exceeded. Once a bid is accepted, contracts can be signed on behalf of the purchaser and vendors, meaning no human interactions need take place to sell the property, providing an effective route to buying and selling properties in these difficult times.
River Property Group will also now offer free valuations and a no sale, no fee, policy on all its auction properties.
For those thinking of selling, the auction team are now taking entries into the April 29 and June 3 auction dates, and indeed the following auction on July 1.